(ZERO HEDGE) We have been extensively documenting the growing auto industry glut that literally has ports so full that they are keeping ships at sea because they can't accept any more inventory.
But now, the auto industry looks as though it has a plan to move some of this inventory: massive discounts and incentives.
Texas auto dealer Hayden Elder, who had his worst month in 42 years in March, told Reuters: “I think that will open the door for a ton of orders for the factory.” He owns two Dodge, Jeep and Ram dealerships in a rural eastern region of Texas and has remained open.
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Jeff Schuster, president of the Americas for consultancy LMC Automotive expects that the industry will rebound in the second half of the year, but predicts that 2020 sales will end the year up to 25% lower than 2019.